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U.S. stock futures hinted at a weaker start for Wall Street on Thursday, as the market continued to digest the minutes of the January Federal Reserve meeting. Dow futures fell 114 points, or 0.5%, to 24,667, while S&P 500 futures dropped 7.7 points, or 0.3%, to 2,691. Nasdaq-100 futures slid 31.25 points, or 0.5%, to 6,728.50. The Dow Jones Industrial Average surrendered a 300-point gain on Wednesday to finish down 166.97 points, or 0.7%, to 24,797.78. The S&P 500 fell 0.6% and the Nasdaq Composite dropped 0.2%. Losses came as the Fed minutes pointing to the "increased likelihood" of more interest-rate hikes to come triggered fresh volatility, with the yield on the 10-year Treasury note hitting a fresh four-year high of 2.95%. The yield was hovering at 2.94% on Thursday. Dollar gains also weighed on stocks, though the ICE Dollar Index greenback gave up some of those gains on Thursday, up 0.1% to 90.114.

A rally for the Dow Jones Industrial Average withered on Wednesday as Wall Street struggled to interpret minutes from the Federal Reserve's January meeting. The Dow closed down 166.97 points, or 0.7%, at 24,797.78, eroding what had been a more than 300-point rally in blue chips in the immediate wake of the release of minutes at 2 p.m. Eastern Time. However, those gains gave way to losses with about an hour left in trade on the day. The S&P 500 index sank by 14.93 points, or 0.6%, to 2,701.33, but had been up by 1.2% or 32 points earlier in the day, while the Nasdaq Composite Index shed 0.2% to end at 7,218.23. A deflation of the brisker buying sentiment in stocks was attributed partly to a climb in yields for the 10-year Treasury note to a session high, and a four-year peak, at 2.95%, follows meeting minutes from the late-January gathering of the Federal Open Market Committee, which reinforced expectations that a rate increase next month is likely. A popular dollar gauge, as measured by the ICE U.S. Dollar Index , also picked up steam up 0.4% at 90.12. Minutes from the Jan. 30-31 FOMC meeting showed that officials saw a stronger economy than at the end of 2017. The strengthening "increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate." To convey this message, officials altered their statement to point to "further gradual increases," according to the minutes. However, the Fed's minutes don't incorporate recent signs of rapidly rising inflation, including the jobs report and a recent reading of consumer prices, which both showed inflation is running hot.

U.S. stocks ended a volatile session on a downbeat note on Wednesday, as an afternoon rally quickly fizzled in the wake of the Federal Reserve releasing the minutes to its most recent meeting. The Dow Jones Industrial Average fell 168 points, or 0.7%, to 24,797. The S&P 500 lost 15 points to 2,701, a drop of 0.6%. The Nasdaq Composite Index sank 16 points, or 0.2%, to 7,218. All three had been solidly higher in afternoon trading, but they sharply retreated as investors struggled to digest the minutes, which pointed to a strong economy, but also the "increased likelihood" of more rate hikes ahead. The news pushed the U.S. dollar higher and sent the yields for the 10-year Treasury note to a four-year high of 2.95%. Recent trading on Wall Street has been driven by the prospect of inflation returning to the economy, and the Fed having to become more aggressive in raising rates to combat such a scenario. One bright spot for markets was banks, which typically do well in rising-rate environments due to the positive impact it has on their net interest margins. Among notable gainers, Citigroup Inc. rose 0.7% while Zions Bancorp was up 1.6%. Regions Financial closed up 1.1%.

Feb. 21, 2018 at 4:01 p.m. ET

by Ryan Vlastelica

Nasdaq retains hold on late-session rise, up 0.4% at 7,263, but off highs

Nasdaq retains hold on late-session rise, up 0.4% at 7,263, but off highs

Stock benchmarks pare sharp gains with less than an hour left in trade

The Dow Jones Industrial Average Wednesday afternoon was rallying after the market digested minutes from the Federal Reserve's most recent policy gathering. The Dow Jones Industrial Average jumped 190 points, or 0.8%, to 25,151, the S&P 500 index climbed 0.7% at 2,736, while the technology-laden Nasdaq Composite Index , a proxy for risk appetite on Wall Street, climbed 1.1% to 7,308. Minutes from the Jan. 30-31 Federal Open Market Committee meeting showed that officials saw a stronger economy than at the end of 2017 and that more rate hikes were in the offing. The strengthening "increased the likelihood that a gradual upward trajectory of the federal funds rate would be appropriate." To convey this message, officials altered their statement to point to "further gradual increases," according to the minutes. However, the Fed minutes don't incorporate recent signs of rapidly rising inflation, which could make the Fed more inclined to hike rates faster than the three that Wall Street is forecasting, some market participants speculated.

The Cboe Volatility index tumbled on Wednesday, moving back below its long-term average as equities continued their recent rebound higher. The VIX lost 10.3%, or 2.13 points, to 18.47, a decline that pushed it under the closely watched level of 20. The so-called "fear index" has seen sharp gyrations of late, as investors gauge the prospects of inflation returning to the equity market. Those concerns pushed major indexes into correction territory, a selloff that coincided with a spike in volatility. The VIX remains up more than 60% thus far this year, with more than half of that advance coming in the month of February. However, it has retreated sharply from a recent closing high of 38.8 hit earlier this month. The decline has come as stocks recover from their weakness, although they remain solidly below record highs reached late last month. The Dow Jones Industrial Average rose 0.6% on Wednesday while the S&P 500 was up 0.7% and the Nasdaq Composite Index added 1%. The rise came as investors looked ahead to minutes from the Federal Reserve, which are scheduled to be released later in the day.

U.S. stocks are higher early Wednesday, rising ahead of the release of the Federal Reserve’s meeting minutes. Against this backdrop, the Dow Jones Industrial Average has rallied from a successful test of major support, preserving its recovery attempt, while the Nasdaq Composite is challenging its two-week range top.

The stock market is closing in on its quietest year in more than half a century. The S&P 500 index's average daily up-or-down move so far this year is 0.3%, according to The Wall Street Journal's Market Data Group.

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